Recently, DPC DASH (01405) disclosed its business overview for the fourth quarter of 2025. This latest report card once again validates the company's brand resilience, growth potential, and long-term investment value in a complex market environment. Looking back at 2025, despite facing the dual challenges of an overall industry slowdown and intensifying competition, DPC DASH still delivered a compelling performance: it not only achieved steady expansion of its store network but also demonstrated synchronous improvements across multiple dimensions including operational quality, user stickiness, and brand recognition, showcasing the robust strength of a mature consumer brand in a rapid growth phase. Its solid operational performance has also garnered recognition from both the capital markets and the consumer market. Over the past year, the company successively received numerous important awards, such as Zhitong Finance's "Most Valuable Consumer Company" and "Best IR Team" awards, the China Food Health Seven Stars Convention Alliance's "China Food Health Seven Stars Award," Southern Metropolis Daily's "Annual Top Ten High-Quality Consumer Brands," CDI Huaying Digitalization Index's "2025 Top 20 Digital Enterprises," Mercer's "Best Employer," and National Business Daily's "Listed Company with the Greatest Social Responsibility Award," indicating that the results it has achieved in investment value, food safety, brand value, digitalization, human resources, and social responsibility have gained widespread industry attention.

Specifically, in terms of its store network, DPC DASH continued its strategy of "broadening and deepening" its footprint in 2025, achieving steady expansion that emphasizes both "speed and quality." By the end of the year, the total number of stores nationwide reached 1,315, with a net addition of 307 stores for the full year; the company entered 21 new cities throughout the year, expanding its store coverage to 60 cities. While expanding rapidly, the company's operations in existing markets remained healthy; in the fourth quarter, same-store sales in first-tier cities continued to show positive growth, indicating that the brand's consumer base in these key markets remains solid. Excluding the impact of new stores opened in new markets entered after December 2022, the company's same-store sales still maintained positive growth in the second half of 2025 and for the full 2025 fiscal year, demonstrating a robust overall development momentum.

Regarding new store openings, DPC DASH maintained its positive trend of "opening a store, igniting a market": on New Year's Day 2026, the company opened 62 new stores across 46 cities, with many inaugural stores in new markets achieving excellent sales performance. For instance, the first-day sales at the Dalian debut store approached 700,000 yuan, fully validating its mature store operating model and its ability to quickly penetrate new markets, laying a replicable and solid foundation for future scale growth.

In the fourth quarter of 2025, the company continued to focus on pizza as its core category, advancing through a dual strategy of "product upgrades + scenario-based marketing" to continuously strengthen its brand image of "high quality at a great value." On the product front, the company launched two new pizza flavors: the Sicilian-Style Premium Beef & Bamboo Shoot Pizza and the Madrid-Style Beef Brisket & Prawn Pizza, utilizing high-quality ingredients like imported South American beef and beef brisket, combined with regional specialty sauces to create a rich and layered taste experience. Simultaneously, it upgraded classic products like the Black Truffle Flavored Mushroom & Chicken Pizza with "more toppings at no extra cost," reinforcing the consumers' experience of getting "great value for money." On the marketing front, the company precisely capitalized on popular consumption periods like Halloween, launching limited-time themed snack combos and promotions; meanwhile, classic promotional activities such as the "Super Week Buy-One-Get-One-Free" returned, offering consumers diverse discount options. Furthermore, collaborations with popular IPs like Sanrio successfully enhanced the brand's and products' social attributes and emotional connection within younger communities, leaving a strong brand impression of being both "delicious and fun."

In the current environment of high customer acquisition costs, building a proprietary user base has become a core competency for consumer companies. DPC DASH, adhering to its digital strategy, has successfully built a stable and highly engaged consumer community. By the end of 2025, its membership program, "Daren Hui," had reached 35.6 million members, representing significant year-on-year growth; over the past year, approximately 15.4 million new customers placed their first order (covering orders from both proprietary and third-party channels).

Reviewing DPC DASH's performance over the past year, efficient digital operations and a mature store model support sustainable and healthy expansion; continuous product innovation and targeted marketing consistently attract new customers and retain existing members; the large and highly engaged membership community, in turn, fuels further expansion and innovation, creating a virtuous cycle—a growth flywheel. Against the backdrop of the current consumer market's pursuit of certainty, the high-quality, replicable, and steady growth model demonstrated by DPC DASH makes it one of the few investment targets in the sector that combines both stability and growth potential. Looking ahead, as the company continues to deepen its "4D" strategy—high-quality store Development, Delicious Pizza at great Value, efficient Delivery experience, and Digital capabilities—its development is expected to reach new heights.